{
  "docId": "019dd923-622c-750b-8b9a-ad0811d3e80d",
  "docSlug": "dfcef8f28a20",
  "documentTitle": "Accelerate Diagnostics (AXDX)",
  "authorId": "61_White_Diamond_Research",
  "authorName": "White Diamond Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-16 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 35,
  "pageCount": 41,
  "prevPage": 34,
  "nextPage": 36,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Includes a transcript excerpt from a Q2 2019 earnings call regarding NTAP program applications.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-ad0811d3e80d/35",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-ad0811d3e80d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-ad0811d3e80d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-ad0811d3e80d#slide-35",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "AXDX is hugely and un-justifiably overpriced vs T2 Biosystems (TTOO).",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b4-70ad-b3a2-11aa3c2070c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.498
      },
      "kind": "paragraph",
      "text": "AXDX is hugely and un-justifiably overpriced vs T2 Biosystems (TTOO). AXDX and TTOO have a lot of similarities, which makes TTOO a valid comparator for AXDX. Indeed, both companies address sepsis, both claim faster test data, both struggle with reagent revenues.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a7fd92ff-c27e-441e-b67a-ac3302a3fef9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.78,
        "x": 0.11,
        "y": 0.092
      },
      "kind": "paragraph",
      "text": "From the Q2 2019 call: Bill Quirk ... We did notice that the T2 was successful gainer extra add-on payments. And I know you two are pursuing that. I guess what's the latest update in that respect? Thanks. Larry Mehren we ... are still going to apply for NTAP program.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fa39e8f4-b534-479c-875f-c4e21a1e652c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "we ... are still going to apply for NTAP program. CMS has not announced when those next round of applications are due. We expect that they'll probably do sometime in October or November. And then the approval would occur a couple of quarters after that. — Larry Mehren",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-78b4-70ad-b3a2-14d336127dce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.7
      },
      "kind": "table",
      "text": "TTOO (T2 Bacteria test) vs AXDX (PhenoTest) for Medical condition diagnosed: Sepsis",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1c5770c8-1cdc-4f92-9182-c3222b4d2920",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.428
      },
      "kind": "title",
      "text": "AXDX is trading at a huge and unjustifiable premium vs its close comparator, T2 Biosystems (TTOO)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d451e49b-9604-45e0-99dc-d80e8913f226",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "4daf7527-64fd-417e-9639-7fb0fc7e0413",
      "evidence": "Side-by-side comparison of TTOO and AXDX",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 41,
      "from": 30,
      "beatId": "ca57db9c-677e-4ef8-919c-92b1690ee48e",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document implies that the solution is to be cautious of the system's limitations and avoid investment in AXDX, citing a potential decline in AXDX shares.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 35,
      "from": 31,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "c590c16d-0680-4cc5-a734-8a884e9eff8b",
      "evidence": "The document implies that the cost of inaction is the potential decline in AXDX shares and the unjustifiable premium vs its close comparator, T2 Biosystems.",
      "position": 1,
      "objective": "What is the cost of inaction regarding AXDX's Pheno system?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}